Geithner, Choice for Treasury, Questioned on His Tax Returns

[Joanne98]

Timothy F. Geithner, President-elect Barack Obama’s choice to be Treasury secretary, failed to pay tens of thousands of dollars in federal taxes and also faces questions about the immigration status of a former household employee, according to the Senate Finance Committee and the Obama transition.

After the underpayments were detected, he paid back taxes and interest totalling $43,200.

The underpayments, according to people familiar with them, involve Mr. Geithner’s income earlier in this decade when he was a senior official at the International Monetary Fund before taking his latest job, as president of the Federal Reserve Bank of New York, in November 2003.

Mr. Geithner from 2001 until 2004, when he received his final payments from the I.M.F. paid his state and federal income taxes but did not pay self-employment payroll taxes from 2001 to 2004. The I.M.F., as an international organization, does not withhold U.S. payroll taxes for Social Security and Medicare from its American employees’ paychecks, so they are required to pay the roughly 15 percent tax on their own. The Obama transition is calling his mistake a common error for American employees of the I.M.F.

http://thecaucus.blogs.nytimes.com/2009/01/13/geithner-choice-for-treasury-questioned-on-his-tax-returns/?hp

[Joanne98]

1. Obama Backs Geithner Pick Following Housekeeper, Tax Disclosures

By Julianna Goldman

Jan. 13 (Bloomberg) -- President-elect Barack Obama reaffirmed his support for the nomination of Timothy Geithner for Treasury secretary following a disclosure that Geithner owed back taxes and employed a housekeeper with expired work papers.

“The president-elect chose Tim Geithner to be his Treasury secretary because he’s the right person to help lead our economic recovery during these challenging times,” Obama spokesman Robert Gibbs said in a statement. “That service should not be tarnished by honest mistakes.”

Gibbs called on the Senate to confirm Geithner with “strong bipartisan support.”

http://www.bloomberg.com/apps/news?pid=20601103&sid=ab2rhjP6T7iU&refer=us

[marlakay]

2. He didn't pay right away though those payments

The article I read said that he was told in 2006 that he owed money but he didn't pay the money back until a few days before obama chose him.

personally that doesn't look good to me. this man is suppose to be in charge of the nations money. if he can't even pay his own or doesn't care enough to even make payments after being told what does that say?

irs scares me, when they say you owe money, i pay unless i have total proof not to.

[Joanne98]

3. Well. It confirms our worst fears about him. But Wall Street wanted him!

Now all we got was another frigging criminal!

[polichick]

4. LOL - the Wall Street guy didn't pay his taxes. How unusual. :)

[taught_me_patience]

5. Why don't they ask him about this

http://www.newyorkfed.org/newsevents/speeches/2006/gei060516.html

"Let me conclude by reiterating the fundamental view that the wave of innovation underway in credit derivatives offers substantial benefits to both the efficiency and stability of our financial system."

A quote from our new Treasury Secretary back in '06


Oh yeah... we already know the answer... HE'S A CORPORATE SHILL (or incompetent).

[slipslidingaway]

9. He took up where Greenspan left off in this regard, thanks for the

link.

[Joanne98]

6. Republican Hatch Says He Backs Geithner’s Nomination

By Ryan J. Donmoyer

Jan. 13 (Bloomberg) -- Republican Senator Orrin Hatch of Utah, a member of the Finance Committee, said he supports the nomination of Timothy Geithner as Treasury secretary.

He spoke after a meeting in the office of committee chairman Max Baucus in which the nomination was discussed.

The Wall Street Journal reported earlier today that Republicans are raising questions about a housekeeper who worked for Geithner without proper immigration papers. Republicans are also voicing concerns about Geithner’s taxes while he worked at the International Monetary Fund, the Journal said, citing people familiar with the matter.

http://www.bloomberg.com/apps/news?pid=20601087&sid=agg17KbvhJz4&refer=home

[Joanne98]

7. Cramer weighs in.......

"Never embarrass a president by putting yourself in the ring like this," said Jim Cramer on CNBC's "Stop Trading!" segment on Tuesday. "It's embarrassing to Obama."

Just before the segment, news broke that President-elect Obama's nominee for Treasury Secretary, Timothy Geithner, might have at some point employed a housekeeper who didn't have proper immigration and might have avoided paying Social Security and Medicare taxes.
"Frankly, I don't believe it," Cramer said. "I'm going to give this guy enough credit and say he didn't do it."

But Cramer went ahead and suggested FDIC Chairwoman Sheila Bair as a replacement for Geithner should it become necessary. "Unlike 310 million other people in this country, I am not a Geithner fan," he said. He said that together with current Treasury Secretary Henry Paulson, Geithner "sentenced Lehman to death."

"That's why he shouldn't get confirmed," Cramer said.

http://www.thestreet.com/story/10457681/1/jim-cramers-stop-trading-give-geithner-some-credit.html?cm_ven=GOOGLEFI

[girl gone mad]

8. sheila bair would be great.

I have to pay self employment tax. I don't see how Geithner could have been so naive.

[Deja Q]

10. Well, we didn't have him before. We have him now. Is that "change"? Technically, yes.

I believe it.

I wonder why Mr Obama would choose him under those circumstances.

Time will tell.

[goodhue]

11. Missing 4 years of payroll taxes strikes me as a big deal for someone slated to head Treasury

Even if he was merely unaware that strikes as disqualification enough. Did he not ever look at his W-2s and note the absence of FICA withholding and hence his responsibility for SECA taxes?

[polichick]

12. Sure doesn't inspire much confidence!

[katandmoon]

13. Obama should shitcan this tax cheat NOW.